Business News


Bank of the Cascades reported fourth-quarter profits of $5 million on revenue of $25.6 million. For 2014, the company reported profit of $3.7 million, on revenue of $85.3 million. The company's shares closed at $4.71 yesterday. A year ago, they were trading at $4.96 a share.  (AP)

The pace of growth in the U.S. manufacturing sector slowed in January. Most components of the ISM index declined, suggesting a slowing in the pace of growth in the factory sector, though the 53.5 reading marks the 27th consecutive month of growth in manufacturing. Construction spending rose less than expected in December, with private outlays barely rising amid declines in investment in power and transportation projects. Construction spending rose 0.4% to an annual rate of $982.1 billion.  (Reuters)

Staples and Office Depot are in advanced merger talks, in what would be a major step toward consolidating the office-supply market.  Staples has a market value of about $11 billion, while Office Depot, which in 2013 absorbed rival OfficeMax, has a market value of about $4 billion.  (Wall Street Journal)

RadioShack will be delisted by the New York Stock Exchange, which has suspended trading in the stock. The electronics retailer may sell some of its stores to Amazon and Sprint. (Bloomberg)
 

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